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Indian Equity benchmarks continue to trade in red terrain in noon deals as investors booked profits mainly in Metal, PSU and Bankex stocks. The Sensex has dipped below 57900 level, and the Nifty was trading below 17250 mark. Traders were worried as rupee weakens past 82 per dollar mark for the first time against the US dollar amid a surge in crude and US bond yields. International crude oil advanced past $93 a barrel, up 11% this week spurred by Opec's production cut. Ten year US treasury yields have jumped nearly 18 basis points since Tuesday. The partially convertible rupee was currently trading at 82.40, down 23 paise against its previous close. Market breadth in negative; the losers narrowly outnumbered the gainers in the ratio of 1686:1607 while 132 remained unchanged on the BSE. On the global front, Asian markets were trading lower.

The BSE Sensex is currently trading at 57897.62, down by 324.48 points or 0.56% after trading in a range of 57851.15 and 58231.20. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.77%, while Small cap index down by 0.26%.

The only gaining sectoral indices on the BSE were Consumer Durables up by 1.71% and Telecom was up by 0.28%, while Metal down by 1.51%, PSU down by 1.08%, Bankex down by 1.08%, Oil & Gas down by 1.08% and Energy was down by 0.96% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Co up by 4.68%, Maruti Suzuki up by 0.96%, Bharti Airtel up by 0.32%, Power Grid up by 0.29% and Reliance Industries was up by 0.27%. On the flip side, SBI down by 1.86%, Ultratech Cement down by 1.79%, Mahindra & Mahindra down by 1.76%, Bajaj Finance down by 1.57% and Axis Bank was down by 1.52% were the top losers.

Meanwhile, Department of Expenditure, Ministry of Finance, has released the 7th monthly instalment of Post Devolution Revenue Deficit (PDRD) grant of Rs 7,183.42 crore to 14 states. With the release of seventh instalment for the month of October, 2022, the total amount of Revenue Deficit Grants released to the states in current fiscal has gone up to Rs 50,282.92 crore.

The Post Devolution Revenue Deficit Grant is released based on the recommendation of the 15th Finance Commission to 14 states - Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.

The eligibility of states to receive this grant and the quantum of grant for the period from 2020-21 to 2025-26 was decided by the 15th Finance Commission based on the gap between assessment of revenue and expenditure of the state after taking into account the assessed devolution during this period.

The CNX Nifty is currently trading at 17230.35, down by 101.45 points or 0.59% after trading in a range of 17216.95 and 17334.65. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Titan Co up by 4.75%, Hero MotoCorp up by 1.28%, Bajaj Auto up by 1.23%, Maruti Suzuki up by 0.94% and Power Grid was up by 0.41%. On the flip side, Adani Ports down by 1.95%, SBI down by 1.86%, Ultratech Cement down by 1.82%, JSW Steel down by 1.81% and Tata Consumer Products was down by 1.79% were the top losers.

Asian markets were trading lower; Taiwan Weighted dropped 189.77 points or 1.37% to 13,702.28, KOSPI fell 5.49 points or 0.25% to 2,232.37, Straits Times trembled 8.14 points or 0.26% to 3,143.42, Jakarta Composite lost 46.10 points or 0.65% to 7,030.52, Nikkei 225 slipped 195.19 points or 0.71% to 27,116.11 and Hang Seng was down by 223.49 points or 1.24% to 17,788.66.

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